As property values in Nashville have increased, so have the property taxes. In historic Buena Vista older homes have made way for brand new developments.
Judy Klich is an interior designer with Peggy Newman Designs. It's her job to help make new properties look appealing to their buyers, established professionals looking to settle down. "That's who we're designing for, so we try to make sure they're hip and fun," she said.
The new builds will likely sell in the mid-400,000's. It's the same story in neighborhoods that surround Nashville and the main reason this year's reappraisal is rising.
"I've been living here 16 years and I'm amazed at all the construction going on. The cost of everything, all the neighborhoods have gone up," said Klich.
At the property assessors office, employees have been working overtime to make sure homeowners are prepared for the inflated bill.
"People who came here and found affordable home in east Nashville, south Nashville, north Nashville, where ever. Now they're seeing their values have accelerated since the last reappraisal which was in 2013," said Davidson County Property Assessor Vivian Wilhoite.
It's great news for folks who have made money off their home purchases, but homeowners who have been in Nashville for years and are living in transitional neighborhoods or on a fixed income may find it difficult to pay. "Although we do not administer the program we are behind people knowing about the tax freeze program, the tax release program and the tax deferral program," Wilhoite said.
Across the county, the average increase in property value is expected to sit at a 35 percent, a record increase.
For more information on how to defer taxes visit; http://www.nashville.gov/Trustee.aspx.
